- Jessica Murri
- Payette Lake
The Idaho Department of Lands auctioned off 30 more resort area properties on Friday, bringing in an additional $12.6 million for endowment funds that support public schools and State Hospital South. The auction of the lots along Payette Lake in McCall was held in Boise.
All but five of the lots already had cabins on them, and the winning bidders were required to purchase the cabins from the owners to secure the land sale. Five of the lots were not under a current lease and three of those lots generated robust competitive bidding. In one instance, a lot was sold for $500,000 over its appraised value. Another lot sold for $383,000 over the appraised value.
To date, the state has auctioned off 258 cottage sites—117 lots at Payette Lake and 141 lots at Priest Lake in northern Idaho—for a total of $110 million funneled to state endowments. In 2010, the Idaho Land Board approved a plan to divest the state's ownership of most cottage sites and reinvest the proceeds into assets that generate higher returns than the rent from cabin owners.